- Nashville-based XOi Technologies — a leader in field service communication solutions — recently announced it raised $11 million in Series C funding
XOi Technologies — a Nashville-based leader in field service communication solutions — announced it raised $11 million in Series C funding. The $11 million funding round was led by PeakSpan Capital with participation from Grotech Ventures, Vocap Investment Partners, and Nashville Capital Network.
Since initially launching the Vision solution in 2016, XOi has been transforming the way field service technicians perform their work. And the Series C funding round will help advance the company’s mission of enabling every tech to be the very best tech for each job and increasing transparency of the work performed. Plus over 6,000 field service users leverage Vision to streamline their work, document job sites, access the equipment-related content they need, and virtually collaborate with their peers.
“We started XOi Technologies after living through major communication and workforce optimization issues in our prior manufacturing and construction businesses,” said XOi CEO C. Aaron Salow. “Digging deeper, we learned that the real threat was the growing skilled trades gap. Experienced techs are retiring, and that experience isn’t being replaced fast enough. Field service companies are asking, ‘How do we survive, much less grow, in a skilled trades shortage?’ That question is what drives us every day.”
With XOi, technicians consistently perform like the pros they are while their field service companies benefit from double-digit growth in completed service requests, revenue per request, and a significant drop in second truck rolls. To date, over 3,000,000 job-related pieces of content have been captured by Vision, a figure that will continue growing exponentially as thousands of more technicians roll onto the platform due to the addition of two Fortune 500 OEMs in the mechanical industry and XOi’s expansion into Canada.
“Blue-collared trades have been underserved by software for decades. We are excited to partner with XOi and to join them in modernizing and transforming the field services industry,” added Brian Mulvey — the co-founder and managing partner at PeakSpan.
XOi’s cloud-based mobile application leverages computer vision and machine learning to streamline the capture, archival, and intelligent retrieval of this content for techs in the field and for the customers they are servicing. If the content required isn’t already captured, then the system facilitates real-time remote support with other experienced techs — which can then be archived and leveraged for future jobs.
“The most successful software ideas help not only businesses solve a pain point, but as a result, solve our larger industry-wide problem as well. With 6.6 million unfilled skilled trades jobs today, XOi has a unique opportunity to help bridge the skilled trades gap by providing businesses with readily available information and decentralizing knowledge hubs so technicians can have access to the most relevant info at a push of a button or even their voice,” explained Don Rainey, a general partner at GroTech Ventures.
With this funding round, XOi plans to continue expanding its integration partnerships and key customer account acquisitions and to invest heavily in talent. Plus the company will add dozens of new team members over the next six months as it expands marketing, sales, customer success, and engineering. XOi also announced that revenue has grown 100% every year since 2016.